NextNav (NASDAQ:NN) Shares Down 6.5% – Here’s Why

NextNav Inc. (NASDAQ:NN)’s share price fell 6.5% during trading on Wednesday . The company traded as low as $15.92 and last traded at $15.95. 810,429 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 1,221,329 shares. The stock had previously closed at $17.06.

Wall Street Analysts Forecast Growth

NN has been the subject of several analyst reports. Wall Street Zen lowered shares of NextNav from a “hold” rating to a “sell” rating in a report on Saturday, January 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, NextNav currently has a consensus rating of “Reduce”.

NextNav Stock Down 0.2%

The company has a 50 day simple moving average of $15.80 and a 200-day simple moving average of $15.19. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of -12.71 and a beta of 0.96.

Insiders Place Their Bets

In other NextNav news, CAO Sammaad Shams sold 1,576 shares of NextNav stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $16.24, for a total value of $25,594.24. Following the completion of the sale, the chief accounting officer directly owned 65,995 shares of the company’s stock, valued at approximately $1,071,758.80. The trade was a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mariam Sorond sold 69,853 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $16.91, for a total value of $1,181,214.23. Following the transaction, the chief executive officer directly owned 1,270,946 shares in the company, valued at approximately $21,491,696.86. This trade represents a 5.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 71,544 shares of company stock worth $1,208,753 in the last quarter. 7.70% of the stock is owned by corporate insiders.

Institutional Trading of NextNav

Hedge funds have recently bought and sold shares of the business. AlphaQuest LLC bought a new position in shares of NextNav in the second quarter valued at $25,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of NextNav by 347.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock worth $37,000 after acquiring an additional 1,721 shares during the last quarter. Clearstead Advisors LLC acquired a new stake in shares of NextNav in the 3rd quarter worth about $52,000. FWL Investment Management LLC bought a new position in NextNav in the 2nd quarter valued at about $70,000. Finally, Kemnay Advisory Services Inc. acquired a new position in NextNav during the 4th quarter valued at about $97,000. Institutional investors and hedge funds own 79.16% of the company’s stock.

About NextNav

NextNav, Inc is a provider of advanced 3D geolocation infrastructure and positioning services in the United States. The company operates a nationwide network designed to deliver real-time horizontal and vertical location data for consumer, enterprise and public safety applications. By leveraging spectrum holdings in the 900 MHz band, NextNav’s network offers precise altitude and position information that complements GPS and other satellite systems, particularly in urban canyons, indoors or underground environments where traditional signals struggle.

At the core of NextNav’s offering is its TerraPoiNT platform, which enables developers, carriers and emergency response centers to integrate high-accuracy vertical location into their applications and workflows.